Sydney

An education solution for vacant office space in the Sydney CBD

The Australian Institute of Professional Education has found a convenient solution to co-existing well with businesses at 160 Sussex Street in Sydney’s CBD, with a separate entrance for students

​SYDNEY, 1 August, 2014 – The Australian Institute of Professional Education (AIPE) has moved to new Sydney CBD premises at 160 Sussex Street, Sydney from its current location at 118 Walker Street, North Sydney.

AIPE has taken up 3,700 square metres of space in the office tower at 160 Sussex Street, which is located between Market and King Streets along the Western Corridor in the core of Sydney’s CBD, close to all modes of transport and two minutes’ walk to Cockle Bay. The lease term is seven years, with an average rental of $557 per square metre per annum.

In collaboration with AIPE, building owner Aviva has installed a separate entrance for students, taking Level 1 to 3 of the lower floors and Level 8 to 10 of the high rise of the building. AIPE occupies 50 per cent of the office block, with the remaining half for commercial business use.

JLL’s Manager of Office Leasing, Sydney Justin Hayes negotiated the lease on behalf of Aviva. According to Mr Hayes, AIPE moved due to expansion needs and the desire to take advantage of market conditions and move into the CBD.

Mr Hayes said, “There are many education providers in the Sydney market, but the problem is it’s difficult for them to find space due to their different needs than other types of corporate businesses. Most building owners wouldn’t even think of educational users to fill empty office space, as they haven’t been able to co-exist effectively before in the Sydney CBD office market.

“This is a great solution for B and C grade vacancy if the building can allow for a dual entrance. We’re currently seeing demand for education use in the Sydney CBD market,” said Mr Hayes.

Aviva’s Asset Manager Keith Coassin said, “The Australian Institute of Professional Education (AIPE) will take up half of the building, while our other corporate tenants co-exist in the remaining 50 per cent. Having a separate entrance for the educational facility means that businesses in the remaining half of the building will be completely undisturbed by students and staff. Securing AIPE is testament to our strategy of attracting quality tenants post the refurbishment and creating real value for our investors.”

160 Sussex Street has recently undergone a major transformation in the lobby, lifts, amenities and across levels six to 13, providing over 5,200 sqm of contiguous refurbished office space – including outdoor balconies overlooking Darling Harbour.

“AIPE taking up half of the space at 160 Sussex Street has been the catalyst for much of the remaining commercial space to be taken up by business operators. There is just one floor remaining for lease,” concluded Mr Hayes.